Overview
For many years, the foreign trust has been a useful tool for estate planners and individuals. However, due to congressional and IRS scrutiny and the complexity of laws and regulations, ensuring foreign trust compliance is challenging.
The practitioners maintaining the international trust structures should not seek a cookie-cutter approach but instead focus on developing in-depth knowledge. With training, practice, and proper procedures in place, the foreign trust tax compliance process could be a very rewarding experience.
Learning Objectives:
- Define foreign trust and identify how it is different from a domestic trust.
- Identify the role of foreign trust in international planning.
- Discuss issues related to U.S. domestic trust established by international family.
- Outline how to ensure the foreign trust is in compliance.
- Examine reporting obligations of trustee, grantor, beneficiary, and underlying entities.
- Summarize the penalties and possible abatement.
Presenters:
Beatrice Skyberg, CPA, CFP, AEP, Senior Manager | Eide Bailly
Beatrice has more than 14 years of public accounting experience providing services to a variety of clients. She specializes in international and domestic fiduciary, gift and estate taxation and provides corporate, partnership and individual taxation services. Beatrice assists with compliance, consulting and planning services for a variety of non-profit organizations and private foundations.
Jared Johnson, EA, Principal/Global Mobility Practice Leader – International Tax | Eide Bailly
Jared is an international tax specialist who focuses on helping company clients manage the various domestic and international tax issues that come with moving employees across international borders to work. Jared also assists individual clients with cross-border issues related to tax/estate planning and compliance services. He has experience working for the Big Four and is a recognized leader in this field.
CPE Information
CPE Credit: 1
Field of Study: Specialized Knowledge
Level of Knowledge: Basic
Delivery Method: Group-Internet Based
Additional Information: This is a Group-Internet Based Webinar. No prerequisites or advanced preparation required. For information regarding a complaint and/or program cancellation policies, please contact Mye Collins.